独家洞察 | 管道扩建，威力斯顿盆地天然气流量能“冲”多高？

Core Insights - The Williston Basin, spanning across Montana, North Dakota, South Dakota, and southern Canada, is known for its rich oil resources and significant associated natural gas production [1] - BTU Analytics observed a decline in natural gas net receipts and deliveries from the beginning of the year until April, followed by an increase in April, aligning with historical seasonal patterns [1] - Despite a slowdown in natural gas production growth, the overall trend remains stable, with expectations for production to reach 3.7 billion cubic feet per day by the end of 2025 [3] Production Status - Historical production in the Williston Basin has seen two rapid growth periods, from 2010 to 2015 and from 2018 to 2019 [3] - The annual growth rate for natural gas production is expected to slow to just 1% from 2024 to 2025, significantly lower than previous years, although net receipts and deliveries are projected to remain stable [3] Pipeline Flow and Expansion Effects - The Alliance pipeline has shown stable performance over the past four and a half years, while the NBPL and WBI pipelines began to diverge in flow starting May 2025 [5] - In April, NBPL's flow decreased by 27 million cubic feet per day month-over-month, while WBI's flow increased by 40 million cubic feet per day [5] - The WBI pipeline's ability to take on additional flow is attributed to the completion of the WBI 27 segment expansion project, which added 175 million cubic feet per day of capacity [8] Future Outlook - Although natural gas production growth in the Williston Basin is expected to slow, short-term year-over-year growth is still anticipated [9] - The observed changes in pipeline flow dynamics are primarily a result of maintenance activities and the WBI expansion project, with no significant changes predicted for net receipts, deliveries, or natural gas production in the near future [9]